VENEZUELA SWITCHES TO CRYPTO

The country has had enough of the American financial control

Venezuela’s President, Nicolas Maduro is planning to get around America’s financial blockade by introducing the country’s own crypto currency. He says the currency will be backed by the nation's abundant oil, gold and mineral reserves.

What he refers to as ”America’s financeal blockade” is the financial control forced onto the country, that has made the country’s situation quite disadvantageous. That’s why Maduro is looking for a crypto solution to the economic dependence. Venezuela’s crypto currency will be called Petro and the countries oil, gold and mineral reserves will guarantee its stability.

"This will allow us to move towards new forms of international financing for the economic and social development of the country. And it will be done with a cryptocurrency issue backed by reserves of Venezuelan riches of gold, oil, gas and diamonds", said the President.

A few weeks ago, as a result of further measures of the American economic and financial pressure on the country, the Venezuelan currency, Bolivar started to lose its value dramatically and there seemed to be nothing that the country could do to get out of this situation and to stop the American influence. But now Venezuela has found the way out by taking the first step towards introducing their own crypto currency.
 

Zsolt Balló